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Crude oil futures decline on concerns over a surge in US production: Crude oil futures fell on Wednesday for the first time in three days, as concerns over a surge in US production weighed on upside momentum while a mixed report from the Energy Information Administration (EIA) showing crude stockpiles rose for the first time in five weeks and gasoline supplies fell more-than-expected failed to lift sentiment. EIA said that inventories rose by 900,000 barrels for the week ended Oct. 20. Gasoline stockpiles dropped by 5.5 million barrels for the week, while distillate stockpiles fell 5.2 million barrels.
Copper futures edge lower on profit booking: Copper futures edged lower on MCX as speculators booked their profits amid sluggish demand from consuming industries at the domestic spot markets.
Gold futures end higher on Wednesday: Gold futures ended higher on Wednesday as the dollar slipped against a basket of major currencies ahead of a European Central Bank meeting on Thursday. Though, some gains were capped on reports that Republican senators favored John Taylor to become the next head of the US Federal Reserve, which drove US bond yields to multimonth highs.
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TECHNICAL ANALYST
GOLD
OUTLOOK: TREND: - UP RESISTANCE: - 29550, 29650. SUPPORT: - 29350, 29250. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK
COMEX Gold edged up from a three week low amid dollar weakness and bargain buying after recent losses. Profit selling hit US stocks yesterday, pulling them off record highs. Global stocks have stayed in exuberant mood this week amid supportive economic cues and political stability around the globe. While this has pulled the Gold futures sharply lower, some buying seems to be emerging in the metal now. COMEX Gold is currently trading at $1281 per ounce, up 0.18% on the day after recovering from lows near $1270. MCX Gold futures should edge up following the global cues after slipping yesterday. MCX Gold futures ended at Rs 29366 per 10 grams, down 0.60% on the day.
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SILVER
OUTLOOK: TREND: - UP RESISTANCE: - 39700, 39900. SUPPORT: - 39300, 39100. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK The Prices of silver were down on Tuesday. And at end of the day the prices were settled at 39484 per 30 kilogram. On the higher side Rs 39700 per 30 kilogram as resistances were noted while lows were at Rs 39356 per 30 kilograms as support noted. The metals remain under a volatile zone.
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COPPER
OUTLOOK: TREND: - DOWN RESISTANCE: - 459,461.50. SUPPORT: -454, 451.50. STRATEGY: - SELL ON HIGH.
TECHNICAL OUTLOOK LME Aluminium futures soared to five year highs, breaking above $2200 per tone levels today, according to media reports. The metal has been surging in tune with Copper recently. Global Aluminium major Norsk Hydro said yesterday that curtailments of primary production in China have driven positive sentiment and could result in a tighter aluminium supplies in 2018. We have lifted our global demand estimate for 2017 to 5-6%, indicating a continued strong demand for aluminium. There is a positive market sentiment for aluminium, mainly driven by curtailments of primary production in China, which have supported the market balance in the quarter noted the company’s President and CEO Svein Richard BrandtzÌg in its third quarter earnings update.
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CRUDE OIL OUTLOOK: TREND: - UP RESISTANCE: - 3410, 3440. SUPPORT: - 3350, 3320. STRATEGY: - BUY ON LOW.
TECHNICAL OUTLOOK WTI Crude futures slipped from its one month high yesterday. Prices stayed supported as media reports stated that top crude exporter Saudi Arabia said it was determined to end a supply glut and keep prices elevated. However, modest correction in US equities pulled the commodity lower and WTI Crude is currently trading around $52 per barrel, down modestly on the day. MCX Crude oil futures tumbled around 1.30% to end at Rs 3386 per barrel.
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